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Guide to Purchase Last Memories (GEEK) Tokens and Import Them Into the Game

We are pleased to announce that GEEK, the governance utility token for the mobile game-quality blockchain game “De:Lithe Last Memories”, also known as “Las Memo”, has been listed on Bitget. This article introduces how to purchase and import GEEK into the game. GEEKs” can be exchanged for the in-game currency ‘xGEEK’ and each other. Since “Las Memo” is also a F2P (Free to Play) title, the currency circulated in the game is xGEEK, an off-chain currency that can also be purchased through in-app purchase (IAP), so the currency obtained through P2E (Play to Earn) is also xGEEK. Earn by token is realized by exchanging xGEEK for $GEEK. Airdrops can be earned by importing “GEEK” into the “Las Memo” game. ◆Convert GEEK to xGEEK 　How to purchase ₋GEEK 　Importing ₋GEEK into your game ◆Benefits of importing GEEKs into your game ◆Convert and sell xGEEKs to GEEK Convert GEEK to xGEEK Converting GEEK to xGEEK is a very simple 3-step process. 1) Purchase “GEEK” with Bitget. 2) Transfer the money to your “Las Memos” in-game wallet. 3) Convert “GEEK” to “xGEEK” at Mypage How to purchase GEEK Follow the below four easy steps: 1) Register an account with Bitget. 2) Complete identity verification (KYC verification) Access the Identity Verification page, fill in your country, upload your identification documents, and submit a self-portrait photo. You will receive a notification when your identity verification is complete. 3) Purchase crypto assets (e.g., USDT) using one of the various payment options →On completion of payment, your Bitget physical account will be credited (you can check it from “Assets” in the upper right corner). 4) Purchase $GEEK from “Transactions” using the purchased crypto asset (e.g., USDT). →When the transaction is completed, it will be reflected in your Bitget physical account In the case of a limit order (a transaction with a specified price), the transaction may not take place if there is a large change in the price. Try changing to a market order (current price based transaction) or make other adjustments. Import GEEK into your game Step 1 - Move to the asset 1. Log in to Bitget 2. Go to “Assets” -> “Withdrawal" Select the cryptocurrency (GEEK) you wish to withdraw from “Select Currency”. Step 2 - Specify withdrawal details 1) On the “On-Chain Withdrawals” tab (withdrawals from external wallets) 2) Under “Select Network”, select the GEEK Verse chain. Be careful not to select the Oasys chain. 3. 3) In the “Withdrawal Address” field, enter the address of your in-game wallet (if you do not want to import the address into the game, enter any wallet address) → “Next” 4) Specify the withdrawal amount 4) Specify the amount to be withdrawn. The minimum withdrawal amount is 666 GEEK 5) authentication process: for security reasons, request must be confirmed - Email Code - SMS Code - Google Authenticator Code Benefits of importing GEEK into your game When you import “GEEK” into “Las Memo”, you can earn airdrops. You will receive 1 ADP for each GEEK you have in the game. For more details, please click here. You can check your ADP and in-game wallet information from the following My Page. Convert and sell xGEEK to GEEK There are three types of in-game currency xGEEK: xGEEK(Earn), xGEEK(Paid), and xGEEK(Light). xGEEK(Earn) is the one that can be withdrawn to the external Wallet. The procedure for selling is simple and can be completed in three steps! 1) Convert xGEEK(Earn) to GEEK in-game. 2) Transfer GEEK tokens to the exchange 3) Sell the GEEK tokens on the exchange The method, briefly summarized, is the reverse of the above process of purchasing and importing GEEK into the game. Convert xGEEK to GEEK ・Log in to the game “Las Memo” ・Open the “Wallet” menu on the right side of the upper right menu (three lines). ・Convert your “xGEEK(Earn)” to GEEK from the “GEEK Conversion” tab on the left side. *GEEK withdrawals are made to the in-game Wallet. *When converting xGEEK(Earn) to GEEK, a GEEK fee based on a certain percentage will be charged. *The conversion rate is different from the actual rate due to the screen under development. Transfer GEEK to an external Wallet In-game “Wallet” menu “Remittance” tab; Transfer GEEK to the external wallet corresponding to the corresponding chain. Please refer to the white paper below for information on the exchange of xGEEK for GEEK and how to earn them. Basic Information on GEEK Tokens How to Earn GEEK Tokens

Bitget Deposit Guide (2024 APP Version)

Bitget is the leading global cryptocurrency exchange known for our innovative approach to trading digital assets. With a focus on creating a seamless and secure trading experience, Bitget has become a trusted platform for millions of users worldwide. We offer a variety of features, including spot trading, futures trading, copy trading and more for both beginners and experienced traders. Bitget’s commitment to security and compliance ensures a safe environment for our users to engage in the dynamic world of cryptocurrencies. The Bitget-Verse is a diverse ecosystem within the Bitget platform that offers a wide range of services and opportunities. From P2P trading, third-party payment integrations to the exclusive Bitget Launchpad, Bitget Launchpool, Bitget PoolX and the sophisticated Bitget Earn, users can explore various avenues for investing and trading digital assets. The platform also provides educational resources through the Bitget Academy, which helps users stay informed and improve their trading skills. Bitget-Verse is designed to empower users to navigate the cryptocurrency landscape with confidence and ease. If you're new to Bitget, welcome aboard! The first step is to top up your account, and depositing cryptocurrencies through the Bitget App is a breeze. Deposit Tutorial For Users With Crypto Assets Step 1 Log into your Bitget account. On the app’s main page, tap [Add funds]. Step 2 You can see the option for users to deposit their crypto assets from an external wallet like this. Tap on that. Step 3 You'll see the list of coins available for deposit. You can select the type of coin and chain you’d like to deposit simply by tapping on your preferred choice of coin. Step 4 You must select the same deposit network (Bitcoin, Bitcoin Lightning, BEP20, ERC20, etc) as the one on the platform from which you are withdrawing your crypto. Please be extremely careful here, as selecting the wrong chain may result in losing your assets. Step 5 After you've selected your preferred token and chain, we will generate an address and a QR code. You can use either option to make a deposit. With this information, you can then complete your deposit by confirming your withdrawal from your external wallet or third-party account. Below are example withdrawal screens from Bitget Wallet; you need to make sure that the BTC standard matches the deposit network above. Reminders ● Each generated address is specific to a particular cryptocurrency. Do not use that address for any other token. ● Some cryptocurrencies have a minimum deposit amount. Deposits below this threshold will not be accepted. ● Depositing crypto requires multiple network confirmations, and the required number for your chosen token will be displayed. ● Make sure your mobile device is secure to protect your data. ● Once the deposit process is complete, you can view your crypto in the [Asset] section. ● You can also review your deposit history by tapping the [Bill] icon. Deposit Tutorial For Complete Beginners In addition to depositing cryptocurrencies from external wallets, Bitget also offers alternative deposit methods such as credit card deposits, P2P trading, third-party payments, and so on. Different methods will be available for different fiat currencies. Please note that depositing cryptocurrencies with fiat means buying crypto directly with your fiat holdings. Credit Card Step 1: On the app’s main page, tap [Add funds], then [Credit/Debit Card]. Step 2: Select your preferred crypto to buy and enter the amount of fiat you want to use to buy this crypto. Review the exchange rate carefully before tapping on [Buy token]. Step 3: The exchange rate will be shown to you again as below. Tap on [Add new card]. Step 4: Enter the information as requested and tap [Next] to proceed. You'll be guided by your card issuer to complete the next steps. Step 5: Once the purchase is complete, the cryptocurrency will be deposited into your Bitget account. You can review your deposit history by tapping the [Bill] icon. P2P (Peer-to-Peer) trading Step 1: On the app’s main page, tap [Add funds], then [P2P trading]. Step 2: Under the [Buy] tab, you'll see different P2P traders with different metrics, such as their rates, the amount of crypto available to buy, their selling limits, number of orders completed in the last 30 days, and successful rates. You can select the crypto to buy, enter the limit and select the method to refine the list of P2P traders further to your needs. Tap on the [Buy] button next to the P2P trader you want to buy crypto from. Step 3: You will enter the amount of fiat you want to buy crypto with, and select the payment method (for example: Bank Transfer) by tapping on the arrow as marked below. You'll see the guide to pay within a certain amount of time, and please read the notes beneath by the P2P trader carefully before tapping on [Buy token with 0 fees]. Step 4: You will see your order summary. Tap [Next] to get P2P trader details to proceed. Please complete the fiat transaction within the given time frame. Step 5: When you've completed the fiat transaction, return to the Bitget App and tap [Paid]. You can take a screenshot of your completed transaction and send it to the P2P trader via chat to help them review the transaction faster. Step 6: Wait for your crypto to be deposited into your account. Your order summary will now show [To be completed]. IMPORTANT NOTES: ● If the P2P trader doesn't complete the transaction, tap on [File an appeal]. You can see a countdown clock next to this button to know how long you'll need to wait to file for an appeal. ● Do not tap [Cancel] unless you have received a refund to your fiat account. If you don't get your purchased crypto, always tap [File an appeal]. Step 7: After the P2P trader completes the transaction, your order summary will show [Completed] and chat is no longer available. You can go back to the app's main page to check your account balance. Third-party payment Step 1: On the app’s main page, tap [Add funds], then [Third-party payment]. Step 2: Select the crypto you want to buy and enter the amount of fiat you want to use to pay for this crypto. You'll see a list of deposit methods offered by third-party fiat processing providers, such as Banxa, Mercuryo, Alchemy Pay, and others supported by Bitget. Please note that different third-party fiat processing providers offer different deposit methods at different exchange rates. If there are more than one third-party fiat processing providers for that deposit method, the one with the thumb up is the best option and is therefore recommended, but you reserve the right to choose your preferred third-party fiat processing provider. Step 3: Review your order details (amount of fiat to be spent, exchange rate/price, estimated arrival time, and estimated amount of crypto you'll receive). Please read the terms beneath carefully and agree with them before tapping on [Confirm]. Step 4: Follow the instructions offered by the third-party fiat processing provider to complete your purchase. Step 5: Once the transaction is completed, the cryptocurrency will be deposited into your Bitget account. Once your deposit has arrived, start exploring spot futures trading, copy trading, as well as other incredible services in Bitget-Verse!

Bitget Hot Takes (Jun 03 - Jun 09, 2024)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: Market Updates Central Themes • U.S. CPI data and FOMC meeting on June 12. • Net outflows from Bitcoin and Ethereum exchanges suggest cautious investor behaviour. • IBIT, now the largest Bitcoin ETF, saw US$948.9 million in inflows last week. Week 23: Cautious Optimism In Week 23, Bitcoin reached a high of US$71,908 and a low of US$67,590, marking a slight increase from the previous week. This rise indicates sustained investor confidence and interest in Bitcoin, likely due to favourable market conditions and positive sentiment. Conversely, Ethereum saw a decline, with a high of US$3,887 and a low of US$3,615. Notable net inflows into Bitcoin ETFs included IBIT (US$948.9 million), FBTC (US$685.4 million), and ARKB (US$124.2 million), suggesting a strong preference for these ETFs, particularly IBIT, which has now become the largest Bitcoin ETF. This shift likely results from IBIT’s lower fees (0.25%) compared to GBTC (1.5%). Significant outflows from GBTC (-US$119.1 million) reflect investor migration towards more cost-effective options. Significant inflows into BlackRock’s IBIT highlight a shift in investor preference towards cost-effective investment options. The total net flows of spot Bitcoin ETFs amounted to US$1.745 billion, significantly outpacing the $157.2 million seen in futures ETFs. Spot Bitcoin ETFs experienced varied performance, with EZBC, ARKB, BTCW, and BRRR seeing minor decreases of -0.7%, while DEFI saw a larger decrease of -1.2%. BITX, a 2x leveraged Bitcoin futures ETF, had the worst performance over the five-day period in W23 (-2.1%). Compared to traditional market benchmarks like the NASDAQ Composite (+1.6%) and SP 500 (+0.9%), which both showed positive performance, crypto ETFs slightly underperformed, which may stem from broader market trends favouring traditional equities over crypto assets. Among the top 5 cryptocurrencies by market cap, Bitcoin and BNB saw positive performances, increasing by 2.4% and 13.6%, respectively. Significant net outflows from exchanges for both Bitcoin (-46,608 coins, or -US$3.178 billion) and Ethereum (-832,193 coins, or -US$3.140 billion) indicate potential sell-offs or transfers out of exchanges. These outflows align with the net outflows observed in GBTC and inflows into lower-fee ETFs like IBIT and may reflect a cautious approach by investors. Crypto and mining stocks had mixed performances over the five-day period, with COIN being the best performer (+5.0%) and BITX the worst (-2.1%). Mining stocks saw the highest increase in volume (+71.0%), indicating strong trading activity and interest in the mining sector. Recent developments in the mining sector add more context to this trend. Bitdeer, a NASDAQ-listed mining company, announced up to US$150 million in private placement funding, emphasising its robust technologies and RD. Riot Platforms reported record Q1 2024 financial results with a net income of US$211.8 million and significant mining revenues. Marathon Digital also showed strong performance, with 850 BTC produced in April and substantial first-quarter gains. Core Scientific and CleanSpark reported notable production and financial results, contributing to the overall positive sentiment in the mining industry. Recent reports highlight Bitcoin's longest winning streak since March, driven by expectations of Federal Reserve rate cuts this year. As of June 05, 2024, Bitcoin reached US$70,530, showing investor confidence buoyed by the prospect of lower interest rates. This rally is supported by moderate US inflation data and a softer job market, which have led to significant drops in Treasury yields and easing financial conditions. The positive sentiment is also reflected in inflows into US exchange-traded funds and regulatory progress in Washington. Setting The Tone: Monday Performance The global market cap at the end of Week 23 was US$2.661 trillion, a 1.5% decrease from the opening on Monday June 03. The Fear Greed Index stood at 72/100 (Greed) on June 09 and increased to 74/100 (Greed) on June 10, indicating a prevailing sentiment of greed despite market cap fluctuations. This high index suggests continued optimism among investors. On Monday, June 10, Bitcoin and Ethereum prices remained relatively stable, with Bitcoin reaching a high of US$70,146 and a low of US$69,232, and Ethereum a high of US$3,711 and a low of US$3,648. This stability suggests a period of consolidation where the market digests recent gains and awaits further catalysts. Spot Bitcoin ETFs saw minor gains, with HODL and EZBC performing the best (+0.4% and +0.2%, respectively). Most other ETFs like IBIT, GBTC, FBTC, ARKB, BTCW, and BRRR showed uniform positive changes of around +0.3%. These minor gains indicate cautious optimism among investors, with no major disruptions or news influencing significant price movements. Crypto stocks had mixed daily returns, with COIN leading the gains (+3.6%) and BITI the worst performer (-0.3%). BITI, being a short Bitcoin futures ETF, gains value when Bitcoin's price falls, explaining its negative performance as Bitcoin prices remained stable. COIN also saw the highest trading volume (US$1.583 billion). In the futures markets, the funding rate for Bitcoin stood at 0.0121% and for Ethereum at 0.0110%. The long/short ratio was balanced, with Bitcoin at 49.75% long and 50.25% short, and Ethereum at 48.94% long and 51.06% short. Both Bitcoin and Ethereum saw minor decreases in open interest, -0.1% and -0.8%, respectively. These metrics suggest a balanced market sentiment, with neither longs nor shorts dominating, and a slight reduction in trading positions. On June 11, cryptocurrencies dipped while US equities posted mixed returns, with Bitcoin trading around US$66,000 after briefly surpassing US$70,000. The SP 500 and Nasdaq Composite indexes showed minor fluctuations, with the FOMC beginning its two-day meeting. The market awaited key announcements on interest rates and inflation data on Wednesday (June 12), with the CPI report expected to show a 0.3% month-over-month increase or minimal immediate impact on markets. Analysts predicted that while the CPI report is crucial, its impact would be overshadowed by the Fed’s subsequent announcements. Overall, the data from Week 23 and Monday, June 10, paints a dynamic and cautiously optimistic view of the crypto market. Despite challenges like underperformance compared to traditional markets and significant outflows from exchanges, strong investor confidence in lower-fee ETFs and a general sentiment of greed suggest potential for future growth and stability. The market closely watches macroeconomic indicators and regulatory changes to forecast future trends and investor behaviour. Trade BTC and ETH on Bitget today: Bitget Spot Trading | Bitget USDT-M Futures | Bitget Coin-M Futures | Bitget Copy Trade New Events Buy BWB using a credit/debit card with zero fees! 100% Guaranteed: Win rewards instantly and Bitget Card whitelisting！ New user exclusive: Buy crypto to get up to a 50% rebate! 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Bitget’s Commitment to Educating Users About Crypto Risks and Best Security Practices Introducing USDe Margin for Bitget Coin-Margined Futures Galatasaray Fan Token (GAL): Revolutionizing Fan Engagement for Fans of Galatasaray Spor Kulübü Aethir (ATH): Journey Towards Democratizing Access to GPU Resources MOTHER IGGY (MOTHER): The Rise of Iggy Azalea's Meme Coin Revolution NexGami (NEXG): The Next Frontier in Web3 Gaming JungleDoge (JUNGLE): The Wild Ride of a Solana Meme Coin Simply create an account , and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (May 27 - Jun 02, 2024)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: Market Updates Central Themes • Cautious optimism as Bitcoin climbed back above US$70K again, but stringent regulatory oversight of cryptocurrencies contributes to market volatility and operational challenges for financial institutions and exchanges. • Key macro data in June: Interest rate decision for the Eurozone on June 05, U.S. Non-Farm Payrolls on June 07 and U.S. CPI data and FOMC on June 12. Week 22: Mixed Sentiment The cryptocurrency market saw significant fluctuations in W22. The global market capitalisation stood at $2.7 trillion, reflecting a 1.4% decrease despite a sentiment of 'Greed' at 72/100 by the end of the week. Bitcoin (BTC) experienced a high of US$70,598 and a low of US$66,633, ending the week with a 2.3% decrease, while Ethereum (ETH) showed resilience with a 1.7% weekly gain and highs and lows of US$3,974 and US$3,702, respectively. Other top cryptocurrencies like BNB, SOL, and XRP showed mixed performances: BNB slightly down by 0.2%, SOL decreased by 1.4%, and XRP fell by 4.3%. The week saw notable trading activities, particularly for ETH and BNB, with 7-day volume changes of 86.1% and 89.7%, respectively. In a significant regulatory event, President Joe Biden vetoed H.J.Res. 109, a resolution that would have overturned the SEC’s Staff Accounting Bulletin 121. This bulletin requires banks to treat customers’ crypto assets as liabilities, a stance criticised by banking groups for making crypto handling prohibitively expensive. Biden emphasised the need for these guidelines to protect investors, particularly after high-profile collapses such as FTX. The veto underscores ongoing regulatory scrutiny and reinforces the perception of a stringent regulatory environment, which likely contributes to the overall market performance. The security breach at DMM Bitcoin, where 4,502.9 BTC worth approximately $305.1 million were stolen, added another layer of uncertainty. Here are our guides on how to safeguard your assets from any potential threats: Navigating Security: How To Choose A Trustworthy Exchange For Your Prosperous Digital Future: Key Factors To Consider Bitget’s Commitment to Educating Users About Crypto Risks and Best Security Practices Bitget Wallet - Your Ultimate Gateway Into the Future These should be key events leading to significant net outflows from BTC and ETH. Bitcoin and Ethereum experienced a reduction of 46,608 coins valued at approximately $3.18 billion, and ETH a decrease of 832,193 coins worth around $3.14 billion in the last seven days. These outflows suggest possible profit-taking or repositioning by large holders that reflects broader market caution. Net flows in futures Bitcoin ETFs were negative at -US$16.61 million, marking the second consecutive week of outflows. In contrast, spot Bitcoin ETFs showed positive inflows of $373.02 million and indicated a preference for direct Bitcoin exposure over more volatile futures contracts. Among the spot Bitcoin ETFs, IBIT saw the highest inflows with US$310.76 million, whereas GBTC and ARKB experienced significant outflows of US$136.23 million and US$87.65 million, respectively. Other notable fund flows included BITB with US$45.59 million, FBTC with US$214.79 million, and smaller inflows into BTCW and BRRR. In comparison, futures ETFs like BITO and BITI saw outflows of US$28.61 million and US$1.22 million, respectively. The leveraged ETF BITX still had a positive inflow of US$13.22 million. The relative stability and inflows into spot Bitcoin ETFs suggest that investors view these products as more attractive or stable compared to traditional stocks (such as NASDAQ Composite and SP 500, who both experienced declines of 1.5% and 0.7% last week) amid the current market uncertainties, highlighting the growing acceptance and reliance on cryptocurrency-based investment products as a viable alternative to traditional stock market investments - especially when spot Bitcoin ETFs seemed to be more resistant to unfavourable news than the broader tech market. Setting The Tone: Monday Performance The global MCap increased by 2.2% to US$2.8 trillion, with the Fear Greed Index rising slightly to 73/100, maintaining a sentiment of 'Greed'. Bitcoin traded within a range of US$70,231 to US$67,590, while Ethereum fluctuated between US$3,849 and US$3,759. Ethereum's open interest (OI) reached numbers second only to its all-time high (ATH) at the closing on Monday, indicating strong trading activity and investor interest. In the futures markets, BTC and ETH showed funding rates of 0.0127% and 0.0118%, respectively. The long/short ratios were relatively balanced, with BTC at 50.41% long and 49.59% short, and ETH slightly favouring shorts at 49.79% long to 50.21% short. The OI change was positive for both, with BTC up by 2.2% and ETH by 2.8%, further suggesting growing interest in leveraged positions. These futures market dynamics highlight continued investor engagement and speculative activities as well as confidence in short-term price movements. The Federal Reserve's cautious stance on interest rate cuts and the ongoing monitoring of inflation data, particularly the Personal Consumption Expenditures (PCE) price index, played a significant role in shaping market expectations on the first day of the week. With the PCE price index showing a 0.3% monthly increase and a 2.7% YoY rise, the Fed's target of 2% inflation remained elusive regardless of the cooling in consumer spending. This influenced market sentiments and investor behaviour, as evidenced by the cautious trading and varied performances of crypto stocks and ETFs. Crypto stocks showed mixed results, with BITO decreasing by 1.1% while MSTR saw a positive return of 1.6%, but with a substantial overall volume that indicates active trading nevertheless. Spot Bitcoin ETFs showed some declines on Monday, together with the benchmark indices, ahead of the CPI data release on June 12, 2024. Trade BTC and ETH on Bitget today: Bitget Spot Trading | Bitget USDT-M Futures | Bitget Coin-M Futures | Bitget Copy Trade New Events Buy BGB using credit/debit card with zero fees 100% Guaranteed: Win rewards instantly and Bitget Card whitelisting！ Buy/deposit: Share $1M in trading bonuses and BTC! 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Bitget Hot Takes (May 13 - May 19, 2024)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: All About Bitget Central Themes • U.S. CPI in April gives hope for a FED rate cut sooner than expected. • Inflows into Bitcoin ETFs picked up as Bitcoin reclaimed US$71K and Ethereum US$3.8K. • Markets are rejoicing at a positive sign from the SEC regarding the approval of spot Ether ETFs. Week 20: Relief At Softer U.S. Inflation First, let’s talk about inflation. The Consumer Price Index (CPI) report for April showed a slight easing in inflation. Prices rose 0.3% from March, and the year-over-year increase was 3.4%, which matched expectations. Core inflation, excluding those pesky food and energy prices, stood at 3.6%, the lowest since April 2021. This cooling of inflation gave the market a bit of breathing room and sparked hopes that the Federal Reserve might cut interest rates sooner rather than later. Bitcoin, the granddaddy of all cryptos, surged to US$63.7K after the CPI report release. This rally was bolstered by a few key factors: (1) Institutional moves: Big players like BlackRock made significant strides in the crypto space. Their proposed Ethereum ETF is set to draw in institutional investors, boosting confidence in the market. (2) Macro factors: Markets have increased the hope of the FED's cutting down interest rate in their September FOMC to 50.7% after the release of the April CPI report. This would lead to lower borrowing rates, which means more capital to flow into crypto stocks, crypto funds, and cryptocurrencies in general. (3) Economic resilience: The U.S. economy’s unexpected resilience kept investor sentiment relatively positive. Robust GDP growth and substantial fiscal incentives provided a supportive backdrop for riskier assets like cryptocurrencies. Crypto stocks weren’t left out of the fun. Companies tied to the crypto sector saw a notable uptick, with the best performer being MicroStrategy with a weekly gain of 30.1%. Again, the overall excitement around a potential Federal Reserve rate cut and easing inflation figures played a significant role in this resurgence. The Bitcoin ETFs market experienced notable changes in net flows during W20 compared to the previous week. Futures Bitcoin ETFs saw a significant net flow of US$45,256,000, up 169% from W19. This increase included a turnaround for BITO, which had an inflow of US$29,699,000 after experiencing a US$9.6 million outflow in W19. BITX maintained strong, though slightly reduced, inflows with $15 million compared to US$30.5 million the week before, while BITI had a modest inflow of only US$252,000 - but that's much better than the previous outflow of US$4 million. Regarding the spot Bitcoin ETFs, their net flow amounted to US$642,098,000, with significant inflows in BITB (US$107,942,000), FBTC (US$250,309,000), and ARKB (US$233,639,000). Notably, GBTC saw a sudden surge in outflows from US$5 million in W19 to US$122.3 million this week. The market also observed BlackRock's IBIT struggling to reclaim the first place in terms of inflows with only US$106,136,000 for the third week since launch. Overall, the Bitcoin ETFs market showed robust inflows, driven by positive investor sentiment and strategic reallocations, reflecting optimism about the future of Bitcoin ETFs and the broader cryptocurrency market. These changes occurred within the broader context of a 12.2% increase in the global cryptocurrency market cap, which reached US$2.7 billion as Sunday (May 19) closed. Bitcoin (BTC ) saw a price increase of 10.1% over the week, although its trading volume decreased by 17.7%, while Ethereum (ETH ) rose by 7.3% with a 5.6% decrease in volume. Solana (SOL ) was particularly notable, with an 18.7% price increase and a 3.4% volume increase. The net inflow from exchanges of 157,726 ETH (equivalent to US$470 million) indicating increased trading activities, especially when another deadline for spot Ether ETFs is coming up. Here's an interesting development: amidst all this financial activity, Oklahoma passed a law to protect Bitcoin self-custody rights, and the U.S. Senate decided to overturn the SEC’s anti-crypto accounting rule. These legal changes, although not dramatic, contributed to the positive momentum in the crypto narrative. Setting The Tone: Monday Performance On May 20, 2024, the global cryptocurrency market cap reached US$2.8 trillion, marking a 1.7% daily increase, with the Fear Greed Index registering at 76/100 or extreme greed. Bitcoin traded between a high of US$71,484 and a low of US$66,086, while Ether ranged from US$3,691 to US$3,050. Major crypto stocks enjoyed a pump: BITO rose by 4.7%, BITX by 9.5%, COIN by 8.3%, MSTR by 8.2% and mining stocks by 12.1%. The only one to experience red was BITI, which fell by 4.7%. The spot ETFs also performed well, with FBTC and EZBC both gaining 4.7%, while DEFI showed a modest 2.8% increase. Meanwhile, the NASDAQ Composite rose by only 0.6%, and the SP 500 edged up by 0.1%. On a side note, Michael Sonnenshein, CEO of Grayscale, announced his resignation, with Peter Mintzberg from Goldman Sachs set to replace him on August 15. This leadership change follows Grayscale's transition of its Bitcoin Trust into an exchange-traded fund. In the futures markets, Bitcoin's funding rate stood at 0.0121% and Ether's at 0.0108%, with a notable 24.9% increase in open interest for Ether futures. Ethereum futures reached a record US$14.05 billion in notional open interest - a 25% increase in a single day, which was driven by investor optimism over sudden potential spot Ether ETF approvals. Memecoins within the Ethereum ecosystem, such as MOG and PEPE, surged significantly, as investors are attempting to 'buy the rumours' and preparing to capitalise on ETH's gains. Trade BTC and ETH on Bitget today: Bitget Spot Trading | Bitget USDT-M Futures | Bitget Coin-M Futures | Bitget Copy Trade New Events Flash deal: Get up to 100 USDT with a credit/debit card purchase! Buy/deposit: Share $1M in trading bonuses and BTC! SEA offer: buy crypto or refer friends to get up to 30 BGB rewards! Buy crypto with VND/IDR/MYR/THB/PHP via Alchemy Pay with 0% fees! New user exclusive: Buy crypto to get up to a 50% rebate! Exclusive perks for Bitget TraderPro new users — trade to share a huge prize pool Join Bitget x VeChain Community Campaign Now to Claim Your Special $7,000 VET Rewards! Join Bitget x HODL Community Campaign Now to Claim Your Special $14,500 HODL Rewards! Flash Wednesday: Zero fees when you buy crypto with credit/debit card Good Reads Wisdomise AI (WSDM): The AI Assistant for Smarter Investments Drift Protocol (DRIFT): Unlocking the Future of Decentralized Trading on Solana How to Buy Crypto via P2P on the Bitget App Lifeform (LFT): Digital Identity for the Web3 Age HODL (HODL): Reviving Trust and Rewards in the Crypto World Nyan Heroes (NYAN): The Cat-Powered Shooter Game on Blockchain VeChain (VET): Transforming Industries Through Stellar Partnerships And Real-World Utility LayerZero (ZRO): The Future of Blockchain Interoperability Thetanuts Finance (NUTS): A New Frontier in Altcoin Options Simply create an account , and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (May 06 - May 12, 2024) - All About Bitget

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates Central Themes • BGB prices remained above US$1.1 after RSI hit oversold. • Bitget Markets: there was a surge in the weekly average crypto OI, mostly due to the increasing number of open Ethereum positions. • The latest data on Bitget's reserves is now available. An Upswing Around The Corner For BGB? BGB has been closely following Bitcoin movements recently, with its RSI having hit 30 three times since the beginning of May already. As analysts of investment funds become more and more optimistic that Bitcoin's bottom is 'in' and, on top of that, BGB's RSI just dropped to 30, there is the possibility of a reversal trend coming soon for the best-performing CEX token. The 7D volume decreased by 13.7% as a result of a weak distribution trend. However, BGB's volume-to-mcap ratio remains close to that of the established Bitcoin and Ether, which suggests comparative stability and resilience during this time of subdued markets. This is indeed an opportunity to accumulate the undervalued BGB in anticipation of a (soon-to-come) market rebound. Want to learn more about BGB? Check out our BGB White Paper and BGB Intro and don't miss any new issues of Bitget Hot Takes, which always covers the latest analysis of BGB weekly performance! The Latest Bitget News It's May now - do you know which Bitget's special event is about to take place? Get set for the first Bitget's King’s Cup Global Invitational (KCGI) of 2024 - the dynamic trading competition that blends the excitement of finance with cryptocurrency innovation, open to both experienced traders and newcomers. The event features a scalable prize pool starting at 100,000 USDT for 8,000 entrants, which could rise to 5,000,000 USDT as more participants join. Adding to the excitement are unique Messi tribute prizes, including a Ferrari and signed memorabilia, which are available through a lucky draw. Scheduled from June 07 to June 27, the competition includes Team Battles, where groups strategise to maximise profits; Individual Competitions that spotlights the prowess of solo traders, and a Newcomer Challenge for first-time Bitget users. Daily tasks are this year's unique feature giving participants chances to win Mystery Boxes filled with various prizes guaranteed to bring you the best experience on Bitget. Bitget's KCGI 2024 is designed to be globally inclusive by supporting multiple languages and testing participants' trading strategies while fostering a sense of community and teamwork. Important dates to note are the captain registration starting on May 17 and team member registration from May 24, with early registration crucial for optimal strategic planning. Whether you're leading a team or trading solo, KCGI 2024 offers a platform to showcase your skills, engage with a global community, and compete for significant rewards! On April 22, 2024, Bitget updated its platform's reserve snapsho t, revealing a robust total reserve ratio of over 150%, surpassing the industry standard of 100%. This enhancement is particularly notable for Bitcoin and Ethereum, which hold a significantly higher reserve ratio compared to stablecoins like USDT and USDC. The rationale behind this strategy includes: managing liquidity needs during periods of high volatility—given that Bitcoin and Ethereum are more volatile than dollar-pegged stablecoins; enhancing risk management to maintain stability and liquidity amidst rapid price changes and potential operational risks; and efficiently handling high-volume transactions and transfers, thereby minimising price impacts. This approach ensures that Bitget can promptly meet withdrawal demands, especially from institutional and high-net-worth traders. Additionally, the increasing inflows of Bitcoin and USDT, along with a continuous two-month inflow of Ethereum, indicate a growing trust in Bitget's security measures and its expanding range of products and services, further solidifying its reputation among users . This is your reminder to dive into the exciting world of earning potential with Bitget New Listings, which are updated nearly every day! Our platform continuously introduces fresh cryptocurrencies, giving both new and experienced investors fantastic opportunities to diversify their portfolios with the latest in digital assets. Each new listing not only broadens your investment horizon but also brings new possibilities for significant gains - just like this: Accompanied our New Listings are several new events on Bitget CandyBomb , new pools on Bitget PoolX , or new assets on Bitget Earn every week - if not everyday! Earning more of those trendy tokens is quick and easy, ensuring users can take good profits just in time. You wanna ask why they are so hyped? Here's our guide on each of the token's uniqueness and why they have the potential to be your personal next best gainer: Imaginary Ones (BUBBLE): Bridging the Gap Between Web3 and Entertainment io.net (IO): Changing Computing with Decentralized GPU Network What Is Notcoin? Why Everyone’s Talking About This New Telegram Crypto Game iMe Lab (LIME): Supercharging Messaging With Blockchain Innovations Notcoin (NOT): The Allure Of The Click Apeiron (APRS): From Dust To Decentralised Divinity Mode Network (MODE): The Layer-2 That Empowers Developers ZeroLend (ZERO): The Largest Lending Market for Liquid Restaking Tokens What else is in store for the bulls? You have one week left to join our Trade to Mine event that runs from April 28 to May 20, 2024, where traders can earn BGB rewards based on their previous day's trading volume across three categories: Light, Super, and Diamond prize pools, which offer increasing rewards for higher volumes. The total reward pool is determined by the sum of spot transaction fees for the BTC/USDT and ETH/USDT pairs. Rewards are calculated daily and can be claimed manually via the promotion page or automatically distributed to participants' account within 3 days after the event ends. The weekly Bitcoin OI on average saw a decent decrease as Bitcoin moved between US$62.4K and US$67.2K last week. Looking for extra earning options on Bitget? Check this out: • New user exclusive : 50% rebate for crypto purchases via Credit/Debit cards • Bitget Savings : New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time! • Bitget Launchpool : Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work! Exclusive pools for new users as well! • Bitget Smart Trend : New subscription period begins every Monday! • Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday All Bitget Earn guides are available here: Bitget Range Sniper | Bitget Shark Fin | Bitget Dual Investment | Bitget Smart Trend | Bitget Snowball | Bitget Wealth Management New Events Welcome Gifts: Claim Up to 1,200 BGB! Deposit Now! Buy/deposit: Share $1M in trading bonuses and BTC! Bitget Will List BounceBit (BB). Come and grab a share of $40,000 Worth of BB! Join Bitget x Bubble Community Campaign Now to Claim Your Special $29,000 BUBBLE Rewards! Join Bitget x iMe Lab Community Campaign Now to Claim Your Special $10,500 LIME Rewards! 「New Users Only」Join Bitget's PoolX Project: MODE - Win Up to 50 BGB! Bitget PoolX is listing MODE (MODE) : Stake BGB and USDT to mine MODE. Good Reads Bitget Beginner's Guide — Introduction to Futures Order Types Unlock Fun And Fortune: Our Step-By-Step Guide To Join The New Bitget Referral Program Apeiron (APRS): From Dust To Decentralised Divinity Notcoin (NOT): The Allure Of The Click ZeroLend (ZEROLEND): The Largest Lending Market for Liquid Restaking Tokens Mode Network (MODE): The Layer-2 That Empowers Developers Simply create an account , and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (April 22 - April 28, 2024) - All About Bitget

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates Central Themes • BGB prices remained above US$1.1 after RSI hit oversold. • Bitget Markets: there was a surge in the weekly average crypto OI, mostly due to the increasing number of open Ethereum positions. • The latest data on Bitget's reserves is now available. BGB Waiting For A Catalyst Although BGB is still hanging on the US$1.1 levels, there were some downward movements influenced by those of Bitcoin. Bitcoin lost 2.1% in the last 7 days and BGB 7.4%, with BGB weekly spread still tightening by 22%. With a narrow spread and quietness in terms of activities, BGB is seemingly waiting for a catalyst to move in either direction. Indicators are currently suggesting a lack of conviction in the current price levels, but there's been enough proofs to say BGB price actions can confidently follow any (potential) Bitcoin upward trend, hence it's better to put your BGB to work in the meantime rather than press F5 for trend confirmation all day long. Despite their weekly gains, ETH and BNB still saw decreasing liquidity, while BGB's figure remained slightly higher than Bitcoin. That means BGB still has decent liquidity thanks to the level of trading activeness, which then points to a comparable level of acceptance or utility as Bitcoin. Want to learn more about BGB? Check out our BGB White Paper and BGB Intro and don't miss any new issues of Bitget Hot Takes, which always covers the latest analysis of BGB weekly performance! The Latest Bitget News On April 22, 2024, Bitget published the latest snapshot of our platform's reserves and users' assets . We have successfully maintained a total reserve ratio of 150%+ compared to the industry's standard of 100%. It's important to explain why Bitcoin and Ethereum have a much higher (and increasing) reserve ratio than stablecoins on Bitget: (1) For the sake of volatility management: Bitcoin and Ethereum are significantly more volatile than USDT and USDC, both of which are pegged to the U.S.-Dollar. Higher reserves of BTC and ETH are meant to manage liquidity demands during periods of high volatility, ensuring that we can meet withdrawal requests without delay; (2) In view of better risk management: This is part of a comprehensive risk management strategy to ensure stability and liquidity during market fluctuations, such as rapid price changes, and to mitigate various operational risks and counterparty risks; (3) To respond quickly to market demand: BTC and ETH are typically the most traded cryptocurrencies with high transaction volumes, therefore the larger reserves of these ones, the more efficiently we are to handle institutional and high net-worth traders' orders, other large trade orders, frequent transactions, and transfers without causing significant price impacts on Bitget. Meanwhile, we are delighted to announce a continuing trend of growing Bitcoin and USDT inflows on a monthly basis, while users' ETH have been flowing to Bitget for two consecutive months already. This shows that Bitget continues to win more users' trust overtime with both our security practices and our ever-increasing selection of products and services. This is a perfect example of how attractive Bitget new listings are - in terms of performance as well as when it comes to additional earning opportunities: There are several new events on Bitget CandyBomb , new pools on Bitget PoolX , or new assets on Bitget Earn every week - if not everyday! Earning more of those trendy tokens is quick and easy, ensuring users can take good profits just in time. You wanna ask why they are so hyped? Here's our guide on each of the token's uniqueness and why they have the potential to be your personal next best gainer: Meson Network (MSN): A DEPIN Marketplace for Surplus Bandwidth Green Bitcoin (GBTC): A Sustainable Approach to Crypto Investing CatGPT (CATGPT): Igniting The Purr Of Power BounceBit (BB): The First Native Restaking Chain For Bitcoin Ready to Fight (RTF): Revolutionizing Professional Fighting with Web3 Technology Ontology (ONG): The Decentralized Trust Network of the Future Alephium (ALPH): The Next Generation of Blockchain Innovation What is Telegram Open Network (TONCOIN)? What else is in store for the bulls? Bitget has upgraded our ongoing zero-fee promotion for BTC/USDT and ETH/USDT spot trading pairs. During the new event titled Trade to Mine that runs from April 28 to May 20, 2024, traders can earn BGB rewards based on their previous day's trading volume across three categories: Light, Super, and Diamond prize pools, which offer increasing rewards for higher volumes. The total reward pool is determined by the sum of spot transaction fees for the BTC/USDT and ETH/USDT pairs. Rewards are calculated daily and can be claimed manually via the promotion page or automatically distributed to participants' account within 3 days after the event ends. Volatility must be the main reason behind the decline in our 7D spot volume, whereas it opens up plenty of profitable opportunities for futures traders, thus the 21.6% increase in the average crypto OI last week. Looking for extra earning options on Bitget? Check this out: • New user exclusive : 50% rebate for crypto purchases via Credit/Debit cards • Bitget Savings : New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time! • Bitget Launchpool : Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work! Exclusive pools for new users as well! • Bitget Smart Trend : New subscription period begins every Monday! • Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday All Bitget Earn guides are available here: Bitget Range Sniper | Bitget Shark Fin | Bitget Dual Investment | Bitget Smart Trend | Bitget Snowball | Bitget Wealth Management New Events New user exclusive: Buy crypto to get up to a 50% rebate! Double Your Profits, Cover Your Losses: $25,000 USDT Prize Pool Dive Zero fee upgrade: Trade BTC/USDT and ETH/USDT! Trade to mine and earn BGB! Join Bitget x Maneki Community Campaign Now to Claim Your Special $2,000 MANEKI Rewards! Join Bitget x SIX Network Community Campaign Now to Claim Your Special $2,000 SIX Rewards! Join Bitget x CatGpt Network Community Campaign Now to Claim Your Special $2,500 CatGpt Rewards! Deposit to mine CATGPT! Deposit to mine MANEKI! Deposit to mine KUB! Trade to mine GBTC! Deposit to mine XDB! Deposit to mine RTF! Bitget TraderPro: Invite new users and get 100 USDT! 0% fee EUR deposit — Share 500,000 USDT worth of BTC! Good Reads Bitget PoolX: An All-Year-Round Version Of Bitget Launchpool Bitcoin's Fourth Halving: A Milestone in Cryptocurrency History Bitcoin's New Era: Casting Runes For A Blockchain Renaissance (Part 1) Bitcoin's New Era: Casting Runes For A Blockchain Renaissance (Part 2) Bitget Beginner's Guide — A Comprehensive Introduction to USDT-M Futures, USDC-M Futures, and Coin-M Futures Simply create an account , and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (April 15 - April 21, 2024) - Happy Bitcoin Halving

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates Central Themes • Bitcoin Halving didn't bring down transaction fees as expected as Runes protocol launched on the same day. • IBIT achieved net inflows for 70 consecutive days. Week 16: Bitcoin Halving... And Runes Protocol The recent launch of the Runes protocol coinciding with Bitcoin's halving event has significantly altered the economic landscape for Bitcoin miners. Typically, a halving reduces the block reward by 50%, which should theoretically cut miners' revenue similarly. However, the Runes protocol has introduced a new mechanism for creating fungible tokens directly on the Bitcoin blockchain, leading to an unexpected surge in transaction fees. On the day of the halving and the Runes launch, average transaction fees skyrocketed to record levels, more than compensating for the reduced block reward. This has not only cushioned miners against the expected drop in income but has actually increased their earnings compared to pre-halving figures. Furthermore, Runes represents a pivotal development in the functionality and utility of the Bitcoin network. Traditionally viewed as a digital gold-like store of value, Bitcoin’s capabilities are expanding, bringing it closer to networks like Ethereum, which are known for their tokenisation features. Runes allow for the creation of various types of tokens, which could include everything from memecoins to more traditional asset-backed tokens, thus broadening the potential use cases of Bitcoin. This enhancement is likely to attract a new wave of developers, users, and investors, poised to explore and expand the new functionalities introduced by Runes. Mining stocks did not follow the broader negative trend as intensely thanks to the launch of Runes protocol. Bitcoin and other major cryptocurrencies have been impacted by a variety of macroeconomic factors, including a strong U.S. Dollar Index (DXY), hawkish Federal Reserve rhetoric, and geopolitical tensions. The strong dollar and high-interest rates make riskier assets like cryptocurrencies less attractive, prompting investors to pull out in search of safer havens or better yields elsewhere. Additionally, geopolitical tensions can increase market volatility, leading to rapid sell-offs as traders seek to reduce exposure to uncertain market conditions. As a result, Bitcoin and Ethereum saw rapid outflows from exchanges and both spot and futures Bitcoin ETFs experienced a net outflow last week. BlackRock's spot bitcoin ETF, known as IBIT, has witnessed a significant trend of consistent inflows, achieving net inflows for 70 consecutive days, positioning it among the top ten exchange-traded funds for the longest daily streaks of inflows. This impressive sequence coincided with the period leading up to and including the Bitcoin halving event. The total inflows into IBIT last week stands at US$247 million, followed by FBTC's US$38.7 million and HODL's US$10.7 million. It's also worth noting that BITX, the only leveraged Bitcoin fund sofar, saw US$82,972,000 in inflows last week, which is 2.5 times higher than the number recorded in W15. All of these, when combined with the fact that Bitcoin ETFs, although also affected, show a lower magnitude of decline compared to broader indices like the NASDAQ Composite and S&P500, demonstrates robust interest and strong investors' confidence amidst broader market conditions. Setting The Tone: Monday Performance The negative funding rate of -0.0185% for Bitcoin indicates a prevailing bearish sentiment, where more traders are paying to hold short positions than long. This is primarily influenced by the above-mentioned macroeconomic conditions, which strengthen the U.S.-Dollar, diminishing the appeal of non-yielding assets like Bitcoin. The long/short ratios for Bitcoin (49.76% long vs. 50.24% short) and Ethereum (47.01% long vs. 52.99% short) also reveal a market that leans slightly towards bearishness. This slight dominance of short positions is likely due to the same macroeconomic and geopolitical pressures impacting funding rates. Additionally, some may have adopted short positions to hedge against possible volatility or disappointment post-halving. Overall, these metrics reflect a cautious market environment, with traders showing a preference for defensive strategies amid economic uncertainty and potential market downturns influenced by external macroeconomic and geopolitical factors. Do you know that you can win BTC for free simply by completing easy tasks on Bitget and enjoy our 0-fee spot trading program for BTC/USDT and ETH/USDT pairs? There's no better time to join us. Trade BTC and ETH on Bitget today: Bitget Spot Trading | Bitget USDT-M Futures | Bitget Coin-M Futures | Bitget Copy Trade New Events New user exclusive: Buy crypto to get up to a 50% rebate! Get $20 for becoming a merchant and $10 for referring a merchant to Bitget P2P Deposit to mine CKB! Trade to mine AQT! Deposit to mine EPIK! Trade to mine RARI! Deposit to mine OMNI1! Deposit to mine PRCL! Join the 2024 Bitget Builders Program: Become a million-follower influencer and unlock your wealth code! $100 No deposit bonus for meme season! Bitget April Trading: Chase the 1 BTC Halving Treasure Good Reads Alephium (ALPH): The Next Generation of Blockchain Innovation What is Telegram Open Network (TONCOIN)? Bitget Beginner’s Guide — How to Avoid Liquidation Bitcoin Halving Cycles and Why Invest in Bitcoin Now? Bitget Pre-Market and Bitget Launchpool: Unlocking Early Opportunities in Crypto Trading Simply create an account , and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (April 15 - April 21, 2024) - All About Bitget

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates Central Themes • BGB prices remained above US$1.1, spread tightening. • Bitget Markets: activities subsided as the Bitcoin Halving approached. BGB Spread Has Tightened Even as the entire market held their breath, waiting for Bitcoin's leading moves, BGB as a delightful outlier still managed to hang on to the US$1 levels, with the weekly low being US$1.13 - only 6% down from the week's opening. It continued to rally on its own, especially during mid-week when others suffered from some minor bleeding, and closed Sunday with an 8% gain. The convergence of MACD lines and a 31% reduction in BGB weekly spread indicate a consolidating market, likely heralding an imminent directional move as equilibrium is reached. This contraction in volatility suggests less speculative trading and might be a precursor to significant price adjustments once new catalysts emerge, for example any breakouts of Bitcoin. Despite an upward accumulation trend signalling strong buying interest and supporting higher price levels, the RSI nearing 80 points to an overbought condition, hinting at potential pullbacks. However, the reduced market volatility could mitigate immediate downside risks, potentially sustaining current price levels unless triggered by adverse market movements. BGB volume increased slightly by 3.4%, which helps its liquidity remained above Bitcoin and BNB (and for good reasons a.k.a. accumulation). Want to learn more about BGB? Check out our BGB White Paper and BGB Intro and don't miss any new issues of Bitget Hot Takes, which always covers the latest analysis of BGB weekly performance! The Latest Bitget News We're delighted to bring you the new Bitget PoolX - our pioneering stake-to-mine platform that distributes rewards on an hourly basis, which means better opportunities for token holders to ride the waves! The latest pools include: • Apu Apustaja (APU): Stake ETH and USDT to mine APU • Artrade (ATR): Stake BGB and USDT to mine ATR • Rari (RARI): Stake BGB and USDT to mine RARI • Nettensor (NAO): Stake BGB and USDT to mine NAO Then goes the pioneering Bitget Pre-Market, an exceptional platform that permits early trading of new cryptocurrencies before their official listing. This avant-garde over-the-counter (OTC) marketplace empowers investors to engage in direct transactions, setting their own prices and quantities. By facilitating peer-to-peer exchanges, Bitget Pre-Market not only accelerates early adoption but also enhances price discovery. Whether you're looking to buy or sell, this platform ensures a fluid, secure trading experience with pre-frozen funds to guarantee transaction integrity. Step into the forefront of cryptocurrency trends and capitalise on emerging opportunities with unparalleled access through Bitget Pre-Market. Learn more about Bitget Pre-Market here: Introducing Bitget Pre-Market: Your Gateway to Early Coin Trading What else is in store for the bulls? Zero-fee for all Bitcoin and Ethereum spot transactions for Bitcoin halving and (possibly) the approval of a spot Ether ETF in the U.S. until May 20 and a Visa Card that allows its holders to pay for their real-world purchases with crypto ! With anticipation of a Bitcoin price breakout going hand in hand with uncertainties on a larger scale due to macroeconomic and geopolitical factors, many decided to remain quiet until further trends are confirmed, resulting in less activities across Bitget markets. Of course, in the case of futures markets, a great deal of liquidations must have taken place for those who bet on the immediate impact of the Halving event on Bitcoin. Despite some quietness, Bitget New Listings still managed to bring in some cool gainers with a 2x-3x value overnight: Want to know why we offer certain tokens on our dedicated platforms of Bitget Initial Listing, Bitget CandyBomb, Bitget PoolX, and so on? Check out our guides below: Alephium (ALPH): The Next Generation of Blockchain Innovation TEH $EPIK DUCK (EPIK): Quack Up Your Portfolio Build & Govern Your Own NFT Marketplace with Rarible (RARI) Nervos Network (CKB): The New Layer-1 Blockchain of Decentralization and Flexibility Merlin Chain (MERL): Unlocking Bitcoin's Potential With ZKP Layer-2 Playbux (PBUX): The Go-to Comprehensive Web3 Entertainment Platform Looking for extra earning options on Bitget? Check this out: • New user exclusive : 50% rebate for crypto purchases via Credit/Debit cards • Bitget Savings : New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time! • Bitget Launchpool : Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work! Exclusive pools for new users as well! • Bitget Snowball and Bitget Smart Trend : New subscription period begins every Monday! • Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday All Bitget Earn guides are available here: Bitget Range Sniper | Bitget Shark Fin | Bitget Dual Investment | Bitget Smart Trend | Bitget Snowball | Bitget Wealth Management New Events New user exclusive: Buy crypto to get up to a 50% rebate! Get $20 for becoming a merchant and $10 for referring a merchant to Bitget P2P Deposit to mine CKB! Trade to mine AQT! Deposit to mine EPIK! Trade to mine RARI! Deposit to mine OMNI1! Deposit to mine PRCL! Join the 2024 Bitget Builders Program: Become a million-follower influencer and unlock your wealth code! $100 No deposit bonus for meme season! Bitget April Trading: Chase the 1 BTC Halving Treasure Good Reads Alephium (ALPH): The Next Generation of Blockchain Innovation What is Telegram Open Network (TONCOIN)? Bitget Beginner’s Guide — How to Avoid Liquidation Bitcoin Halving Cycles and Why Invest in Bitcoin Now? Bitget Pre-Market and Bitget Launchpool: Unlocking Early Opportunities in Crypto Trading Simply create an account , and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (April 08 - April 14, 2024) - Market Updates

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements. The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates Central Themes • U.S. inflation data: hotter than expected, potentially delaying rate cuts further into the year. • Less than 550 blocks until the fourth Bitcoin Halving. • SOL and XRP both lost 20% of their value last week. Week 15: Inflation Data Before The Halving In March, U.S. consumer prices rose by 3.5% year-on-year, surpassing expectations largely due to increases in shelter and energy costs, defying predictions of a slowdown in inflation. The Consumer Price Index (CPI) rose by 0.4% monthly, pushing the annual rate up by 0.3 percentage points compared to February. Similarly, the core CPI accelerated to a 3.8% annual increase. As a result, stocks declined while Treasury yields surged, with market expectations shifting the anticipated initial rate cut by the FED from June to September. Elevated inflation and delayed rate cuts are likely to heighten market volatility and enhance the appeal of safer asset yields. This could make volatile assets like stocks and cryptocurrencies, including Bitcoin, less attractive. Cryptocurrencies, often considered as inflation hedges, might face short-term price pressures due to a general aversion to risk in financial markets. The long-term effects will depend on broader economic conditions and evolving investor attitudes towards risk. The sharp decline in Bitcoin prices over the weekend was primarily driven by heightened geopolitical tensions in the Middle East, which heightened fears of a broader regional conflict and prompted investors to shift capital towards safer, traditional assets. Bitcoin plummeted from over US$70,000 to near US$60,000, illustrating a rapid investor move away from digital assets in favour of more secure and historically stable assets such as gold and oil. Meanwhile, SOL and XRP both lost 20% of their value; SOL suffered the most, with prices plunging below US$150. This reaction was accentuated by the continuous operation of cryptocurrency markets, which, unlike traditional stock markets, remain open over weekends and allow for immediate responses to global events. The geopolitical unrest mentioned above erased approximately US$500 billion from the crypto market, underscoring the high volatility and sensitivity of digital assets to global tensions compared to traditional financial assets like stocks, bonds, and commodities. The cumulative trading volume for U.S. spot Bitcoin ETFs has surpassed US$211 billion, less than three months after their approval by the SEC, featuring prominent funds from BlackRock, Fidelity, and Bitwise. The monthly number went up by 1.5 times in February to US$42.2 billion and 2.6 times in March to US$111.1 billion. BlackRock's IBIT now dominates the spot Bitcoin ETF market, capturing about 50% market share and outperforming Grayscale’s GBTC, whose share declined from 50.5% to 23.5%. IBIT has seen substantial inflows, accumulating US$14.75 billion in three months (as of April 12, 2024) and 266,000 Bitcoin or nearing US$20 billion in assets under management (AUM), ranking it within the top 100 of all global ETFs. On a side note, the SEC has postponed its decision on allowing options trading for spot Bitcoin ETFs, like those from Bitwise and Grayscale, until May 29, thereby extending the original comment period due to end April 14. This regulatory delay follows the January approval of several spot Bitcoin ETFs, which helped propel a 60% increase in Bitcoin’s price by significantly growing market assets to US$60 billion. The SEC previously approved options on Bitcoin futures ETFs since 2021. The decision delay might lead to market uncertainty and temporarily impact Bitcoin's price negatively, yet the eventual approval should stabilise and mature the Bitcoin market. Moreover, with the upcoming Bitcoin Halving, which cuts the block reward and new supply, the approval of new financial products could bolster Bitcoin's price further if demand sustains, by reducing supply and increasing market sophistication. Setting The Tone: Monday Performance Ether and other altcoins remained under pressure following a volatile weekend, with Ether briefly touching US$2,800 earlier today (April 16). Solana also retraced its steps, falling to around US$140 from a high of $155. Bitcoin's fluctuations were notable, retreating to US$64,000-something after nearly reaching US$67,000 yesterday. Bitcoin’s imminent halving (expected on April 19) may trigger a short-term sell-off, as traders anticipate the event's typical impact on prices and mining profitability. This halving, the fourth in Bitcoin’s history, will decrease mining rewards from 6.25 to 3.125 BTC, intensifying the race among miners to secure the first block after the event, potentially worth millions due to the inclusion of a rare "epic sat" made tradable by the Ordinals protocol. Miners are scaling operations, maybe via the reactivation of older equipment to increase their chances of winning this lucrative block. The competition for this "epic sat" could even spawn a futures market, allowing miners to sell these rare assets in advance, highlighting the unique financial strategies emerging within the cryptocurrency mining sector. Below are our guides to help you ride the upcoming Bitcoin Halving event: What to Expect and Prepare for Bitcoin Halving 2024 as An Investor Understanding the Impact of Bitcoin Halving and its Effect on the Cryptocurrency Market Countdown to the Next Bitcoin Halving: What to Expect in 2024? Bitcoin's Next Target: $100,000 Bitcoin Market Trends: Analyzing the Past to Predict the Future Bitcoin Halving: Will We Land on the Moon? Easy Steps to Purchase Bitcoin Before the Halving Rush The Bored Apes Yacht Club (BAYC) NFT collection has seen its value plummet by over 90%, from a high of 120 ETH to just over 10 ETH. This decline is part of a wider fall in demand for Ethereum-based NFTs, compounded by the rise of new collections on Bitcoin and Solana platforms. Originally popularised in 2021 with celebrity endorsements, the collection's perks include access to exclusive events and digital status symbols. 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